New Relative Lows in Oil

Persistent rececession fears have slammed oil. A momentous selloff has blasted through the $80's, digging deeply into the $70's, currently feeling out the high $77's at the time of this writing. We are getting support from just above $77.56, but are edging lower and things are looking very bearish. The Kovach OBV has pressed lower and is showing little signs of relief. If we are able to pivot, then $80 should be a ceiling, with $76.16 the next target to the downside.